March 10, 2011 / 11:57 AM / 9 years ago

K+S still has eye on M&A opportunities in potash

FRANKFURT (Reuters) - German fertilizer producer K+S AG SDFG.DE remains on the lookout for acquisitions while it is integrating its latest takeover in Canada, the group’s chief executive said on Thursday.

“If a good opportunity arises (in the potash market) we will assess it. But we have to concentrate very much on Potash One,” CEO Norbert Steiner told Reuters Insider TV.

K+S, whose domestic potash reserves will be depleted in about four decades, in November agreed to buy the Canadian holder of mining licenses Potash One KCL.TO and plans to invest about $2.5 billion in developing its projects.

Steiner also shrugged off uncertainty over whether Russia’s Andrei Melnichenko and his EuroChem fertilizer group will divest their stake in K+S after talks over a joint mine developing project failed.

“In that case our free float would rise and life at K+S would go on as before,” the CEO said.

There was no need to look for a new investor, he added.

K+S has said that Melnichenko holds slightly less than 14 percent in K+S.

Reporting by Ludwig Burger

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